The following email was sent to our payroll department purportedly from a current employee:
I WANT TO AMEND MY PAYROLL INFORMATION
From: Employee Name oshjhlkjjh5@gmail.com
To: Payroll
Hello good day,
I have recently had problem with my current bank, can you update my payroll direct deposit information ?
previous account on record will be inactivate a few days before next pay day, sorry for the inconvenience , thank you so much.
As with many firms we are working in a hybrid in office/remote work mode. It is very likely that we will not have face to face contact with every employee daily. Just like when paying vendors, if you receive a request to change an electronic funds transfer verify using a secure means of communication other than the email request that was sent. Fortunately for L Squared internally we use Microsoft Teams to communicate with employees. So it was very easy in a short period of time to confirm that the email was fake. Phone calls to a number not known to the potential scammer would be another good method to verify that the email is fake.
As with many of you we daily receive fraudulent emails, one slip by a staff member could cost thousands of dollars. Along with good procedures Cyber Insurance is essential coverage.
Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080